Florida Landlord Insurance (2024)

FAQs

How much is landlord insurance in Florida? ›

The average cost of landlord insurance in Florida is $2,860 per year. American Modern, Security First, and Kin all offer landlord insurance in Florida.

In Florida- and many other states- landlord insurance is not required by law. It is, however, highly recommended- as it offers protection from significant financial loss if something significant happens.

Florida law prohibits landlords from forcing tenants out without court approval. If you find yourself in a situation where eviction seems inevitable, remember to take the legal route by filing a complaint with the courts. This may seem tedious, but it's the only lawful way to protect your interests.

While there's no law requiring that you purchase renters insurance in Florida, your individual landlord might specifically require it. And if your lease specifies that you need renters insurance, well… that's that.

The primary reasons for the difference in cost revolve around who is occupying the home. Insurance providers often see lower average claim amounts and fewer claims for owner-occupied homes when compared to tenant-occupied rental properties.

Average cost of renters insurance in Florida

Each provider weighs rating factors differently when determining premiums, but on average, the cost of Florida renters insurance is $175 per year, or just about $15 per month, according to the Insurance Information Institute's (Triple-I) estimates.

Landlords in Florida cannot include provisions that waive the tenant's basic rights, such as the right to a court hearing, or provisions that allow the landlord to retain the security deposit without justification. Illegal clauses that impose excessive late fees beyond what is considered reasonable are also forbidden.

1. Florida landlords can ask for a fee instead of a security deposit. While this law actually came into effect in mid-2023, it's noteworthy as it will impact all new lease agreements in 2024.

Florida is widely recognized as a landlord-friendly state. The reasons for this designation include minimal regulations on rent control, late fees, and security deposit amounts, granting landlords the freedom to set rental rates and terms within legal bounds.

Is lemonade insurance any good? ›

We at the Guides Home Team found that Lemonade stands out as one of the best homeowners insurance companies in the industry for its unique claim-filing process that uses a mobile app with artificial intelligence (AI) technology to process information and make payouts to homeowners seamlessly and hassle-free.

After reviewing more than 20 of the largest renters insurance providers in the country, our team rated Lemonade 4.6 out of 5 stars based on our in-depth methodology.

Florida's average annual home insurance premium is $8,770, much more than the national average, with many factors affecting costs.

According to data collected by Quadrant Information Services in 2023, renters insurance costs $175 per year or $14.58 per month on average in the state of Florida. Keep in mind that the size of your rental, your specific location and any endorsem*nts or discounts will impact the cost of your unique policy.

Florida homeowners are paying, on average, $6,000 a year to insure their homes, outpacing the national average of approximately $1,700 a year. But changes in Florida's property insurance market could eventually lead to lower rates.

Renters' insurance covers you against financial loss if your personal property (contents) is damaged or destroyed from a covered peril. A peril is something that may cause damage to or destruction of your property such as a fire, hurricane or theft.